Income Protection

Firstly, ask yourself how your standard of living would be affected if you were in an accident or got so sick you couldn’t work for an extended period of time. Do you have a family that rely on you? Do you currently enjoy a good standard of living? Employees paying PRSI may be able to replace part of this income with the social welfare Illness Benefit or Invalidity Pension. However, these benefits are for quite low amounts. What’s more, if you are self-employed, you may not be covered by these safety nets at all. So, if a drop in income would place significant pressure on your ability to continue to pay your mortgage or meet your day-to-day expenses, you should strongly consider getting income protection.

The monthly cost of your Income Protection premium depends on a few things. For starters there’s the age you are when you first take out the cover. Then there’s your overall health in general, with smokers being charged more than non-smokers for the same policy. Then there’s how long you want it for and the level of cover you want. And then there’s the job you do and the risk it brings of you becoming ill or disabled as a result of doing it. While there are a few more factors to consider and even some occupations for which you can’t get income protection, you should talk to us today if you are considering getting great value Income Protection.